South Korea and U.S. Accelerate Trade Talks amid Looming Tariff Challenges

South Korea and the United States are crafting a package deal to lift new U.S. tariffs prior to the July deadline. Discussions involve exemptions, shipbuilding cooperation, and addressing trade imbalances. Talks will continue in South Korea, focusing on tariffs, investment cooperation, and currency policy, especially emphasizing the auto sector.

South Korea and the United States have agreed to develop a comprehensive package of agreements to eliminate new U.S. tariffs before their reciprocal tariffs pause is over in July, as announced by Seoul's delegation following initial trade talks in Washington.

U.S. Treasury Secretary Scott Bessent declared Thursday's meeting with South Korean officials as 'very successful,' revealing plans to start discussing technical terms as soon as next week. Key participants included U.S. Trade Representative Jamieson Greer and South Korean Finance Minister Choi Sang-mok.

South Korea seeks exemptions from certain U.S. tariffs while proposing cooperation in sectors like shipbuilding and energy to rectify trade imbalances. Further negotiations in Seoul will explore tariffs, economic security, investment, and currency policy, with automobile tariffs as a priority focus.

(With inputs from agencies.)